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by Stockwatch Business Reporter
New York spot gold had a big Friday, rising $17.70 to $1,280.30. Gold has climbed $57 this week, most of which followed the Swiss National Bank's decision to abolish the franc's peg to the euro. Two brokerage firms, Global Brokers of New Zealand and Alpari of London, have since gone out of business, with many more reporting hundreds of millions in losses. Here in Canada, the TSX Venture Exchange rose 8.07 points to 667.31 and the TSX Gold Index added 5.78 points to 180.76.
Canada's bigger gold miners ended the day up. Agnico Eagle Mines Ltd. (AEM) gained $1.63 to $39.18, Goldcorp Inc. (G) gained $1.31 to $28.49, Eldorado Gold Corp. (ELD) gained 32 cents to $8.86 and Kinross Gold Corp. (K) added eight cents to $4.29.
Kenneth Brunk's Midway Gold Corp. (MDW) slipped four cents to 89 cents on 33,000 shares. New president William Zisch, who took over from a retiring Mr. Brunk last month, says the company is still months away from its first gold pour. Mr. Brunk had hoped to start production at the company's Pan gold mine in Nevada last August, but that was before what he called a "storm event" in July, and then "complexities associated with more rigorous enforcement of the State of Nevada Fire Code than we had expected." In September, Midway said it had started some mining activities, but it must not have gotten very far. Mr. Zisch says construction is only 85-per-cent complete. He will need another two months to fix a mechanical malfunction in a water well and obtain proper building and occupancy permits. He then aims to pour the first bar of Pan gold in March. This is his first time running a mining company, although he spent a decade working at mines in Peru and Ghana with Newmont before joining Royal Gold Inc. (RGL: $86.78) as its vice-president of operations in 2009. To attract him to Midway, the company offered him $400,000 a year in salary, plus bonuses, as well as a $1-million signing bonus ($500,000 in cash and $500,000 in stock options).
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The Klondike Gold story could be very interesting as the past two Presidents were more interested in promotion than substance. Mr. Guistra is not and he has a very strong board. As to the the TV show, the Hoffmans are looking like real miners after years of practicing. Kudos to them all.